UNITED STATES | ||
SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 | ||
FORM N-Q | ||
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED | ||
MANAGEMENT INVESTMENT COMPANIES | ||
Investment Company Act file number 811- 21416 | ||
John Hancock Tax-Advantaged Dividend Income Fund | ||
(Exact name of registrant as specified in charter) | ||
601 Congress Street, Boston, Massachusetts 02210 | ||
(Address of principal executive offices) (Zip code) | ||
Salvatore Schiavone, Treasurer | ||
601 Congress Street | ||
Boston, Massachusetts 02210 | ||
(Name and address of agent for service) | ||
Registrant's telephone number, including area code: 617-663-4497 | ||
Date of fiscal year end: | October 31 | |
Date of reporting period: | July 31, 2010 |
ITEM 1. SCHEDULE OF INVESTMENTS
Tax-Advantaged Dividend Income Fund
As of 7-31-10 (Unaudited)
Shares | Value | |
Common Stocks 83.77% | $493,232,940 | |
(Cost $502,539,504) | ||
Consumer Discretionary 0.00% | 89 | |
Publishing 0.00% | ||
SuperMedia, Inc. (I) | 26,830 | 89 |
Energy 7.27% | 42,823,750 | |
Oil, Gas & Consumable Fuels 7.27% | ||
BP PLC, SADR | 187,500 | 7,213,125 |
Chevron Corp. (Z) | 62,500 | 4,763,125 |
Spectra Energy Corp. (Z) | 1,155,000 | 24,012,450 |
Total SA, SADR (Z) | 135,000 | 6,835,050 |
Industrials 1.26% | 7,415,200 | |
Industrial Conglomerates 1.26% | ||
General Electric Company (Z) | 460,000 | 7,415,200 |
Telecommunication Services 3.82% | 22,488,701 | |
Diversified Telecommunication Services 2.24% | ||
Alaska Communications Systems Group, Inc. (Z) | 55,000 | 509,300 |
AT&T, Inc. (Z) | 212,500 | 5,512,250 |
Frontier Communications Corp. | 54,008 | 412,621 |
Verizon Communications, Inc. | 232,500 | 6,756,450 |
Wireless Telecommunication Services 1.58% | ||
Vodafone Group PLC, SADR (Z) | 396,000 | 9,298,080 |
Utilities 71.42% | 420,505,200 | |
Electric Utilities 18.32% | ||
American Electric Power Company, Inc. (L)(Z) | 595,000 | 21,408,100 |
Duke Energy Corp. (L)(Z) | 765,000 | 13,081,500 |
Entergy Corp. (Z) | 105,000 | 8,138,550 |
FirstEnergy Corp. (C) | 183,000 | 6,899,100 |
Great Plains Energy, Inc. (L)(Z) | 40,000 | 717,600 |
Northeast Utilities | 155,000 | 4,315,200 |
Pinnacle West Capital Corp. (Z) | 215,000 | 8,189,350 |
PNM Resources, Inc. (Z) | 58,000 | 686,140 |
Progress Energy, Inc. (Z) | 671,200 | 28,264,232 |
Southern Company (Z) | 456,867 | 16,141,111 |
Gas Utilities 8.92% | ||
Atmos Energy Corp. (L)(Z) | 745,000 | 21,605,000 |
Northwest Natural Gas Company (Z) | 132,500 | 6,281,825 |
ONEOK, Inc. (Z) | 530,000 | 24,660,900 |
Multi-Utilities 44.18% | ||
Ameren Corp. (L)(Z) | 555,000 | 14,080,350 |
Black Hills Corp. (L)(Z) | 560,000 | 17,875,200 |
CH Energy Group, Inc. (Z) | 455,000 | 19,019,000 |
Consolidated Edison, Inc. (Z) | 317,500 | 14,643,100 |
Dominion Resources, Inc. (Z) | 420,000 | 17,635,800 |
DTE Energy Company (Z) | 560,000 | 25,849,600 |
Integrys Energy Group, Inc. (Z) | 580,000 | 27,463,000 |
NiSource, Inc. (Z) | 790,500 | 13,043,250 |
NSTAR (Z) | 626,500 | 23,280,740 |
OGE Energy Corp. (Z) | 760,000 | 30,126,400 |
1 |
Tax-Advantaged Dividend Income Fund
As of 7-31-10 (Unaudited)
Shares | Value | |
Utilities (continued) | ||
Public Service Enterprise Group, Inc. (Z) | 360,000 | $11,844,000 |
TECO Energy, Inc. (Z) | 387,800 | 6,336,652 |
Vectren Corp. (Z) | 790,000 | 19,568,300 |
Xcel Energy, Inc. (Z) | 880,000 | 19,351,200 |
Shares | Value | |
Preferred Stocks 64.30% | $378,578,432 | |
(Cost $388,718,781) | ||
Consumer Discretionary 1.15% | 6,799,410 | |
Media 1.15% | ||
CBS Corp., 7.250% (Z) | 145,000 | 3,623,550 |
Comcast Corp., 7.000% (Z) | 123,000 | 3,175,860 |
Energy 3.51% | 20,674,600 | |
Oil, Gas & Consumable Fuels 3.51% | ||
Nexen, Inc., 7.350% (C) | 835,000 | 20,674,600 |
Financials 37.39% | 220,145,326 | |
Capital Markets 0.00% | ||
Lehman Brothers Holdings, Inc., Depositary Shares, Series F, | ||
6.500% (I) | 219,300 | 1,118 |
Lehman Brothers Holdings, Inc., Depositary Shares, Series C, | ||
5.940% (I) | 274,760 | 13,738 |
Lehman Brothers Holdings, Inc., Depositary Shares, Series D, | ||
5.670% (I) | 65,000 | 1,950 |
Commercial Banks 8.80% | ||
Barclays Bank PLC, Series 5, 8.125% | 50,000 | 1,296,500 |
HSBC Holdings PLC, 8.125% (Z) | 50,000 | 1,298,500 |
HSBC Holdings PLC, 8.000% (C) | 325,000 | 8,443,500 |
Royal Bank of Scotland Group PLC, Series L, 5.750% (Z) | 858,500 | 14,002,135 |
Santander Finance Preferred SA Unipersonal, Series 10, 10.500% | 167,500 | 4,690,000 |
Santander Holdings USA, Inc., Series C, 7.300% | 23,000 | 576,610 |
USB Capital VIII, Series 1, 6.350% | 55,000 | 1,359,050 |
Wells Fargo & Company, 8.000% (Z) | 742,000 | 20,145,300 |
Consumer Finance 0.85% | ||
HSBC Finance Corp., Depositary Shares, Series B, 6.360% (Z) | 150,000 | 3,418,500 |
SLM Corp., Series A, 6.970% (Z) | 40,600 | 1,583,400 |
Diversified Financial Services 24.20% | ||
Bank of America Corp., 8.625% (C) | 757,800 | 19,566,396 |
Bank of America Corp., 8.200% (Z) | 185,000 | 4,671,250 |
Bank of America Corp., 6.700% (Z) | 500,000 | 11,040,000 |
Bank of America Corp., 6.625% (Z) | 355,000 | 7,863,250 |
Bank of America Corp., 6.375% (Z) | 139,000 | 2,939,850 |
Bank of America Corp., Depositary Shares, Series D, 6.204% (Z) | 240,000 | 4,984,800 |
Citigroup Capital VIII, 6.950% (Z) | 540,000 | 12,798,000 |
Deutsche Bank Capital Funding Trust VIII, 6.375% (Z) | 282,000 | 6,071,460 |
Deutsche Bank Contingent Capital Trust II, 6.550% (Z) | 310,000 | 6,978,100 |
Deutsche Bank Contingent Capital Trust III, 7.600% (Z) | 797,893 | 19,947,325 |
ING Groep NV, 7.050% (Z) | 140,000 | 2,919,000 |
ING Groep NV, 6.200% (Z) | 109,100 | 2,066,354 |
2 |
Tax-Advantaged Dividend Income Fund
As of 7-31-10 (Unaudited)
Shares | Value | |||
Financials (continued) | ||||
JPMorgan Chase & Company, 8.625% (Z) | 140,000 | $3,845,800 | ||
JPMorgan Chase & Company, Series E, 6.150% (Z) | 136,000 | 6,827,200 | ||
JPMorgan Chase & Company, Series F, 5.720% (Z) | 58,500 | 2,936,115 | ||
JPMorgan Chase & Company, Series G, 5.490% (Z) | 262,527 | 13,173,605 | ||
RBS Capital Funding Trust VII, 6.080% (C) | 983,000 | 13,860,300 | ||
Insurance 3.54% | ||||
MetLife, Inc., Series B, 6.500% (Z) | 842,000 | 20,805,820 | ||
Thrifts & Mortgage Finance 0.00% | ||||
Federal National Mortgage Association (8.250% to 12-31-10, then | ||||
higher of 7.750% or 3 month LIBOR + 4.230%) (I) | 60,000 | 20,400 | ||
Telecommunication Services 3.98% | 23,408,633 | |||
Wireless Telecommunication Services 3.98% | ||||
Telephone & Data Systems, Inc., Series A, 7.600% (Z) | 476,000 | 12,028,520 | ||
United States Cellular Corp., 7.500% (Z) | 448,389 | 11,380,113 | ||
Utilities 18.27% | 107,550,463 | |||
Electric Utilities 12.54% | ||||
Alabama Power Company, Class A, 5.300% (Z) | 173,400 | 4,246,566 | ||
Carolina Power & Light Company, 5.440% (Z) | 111,493 | 9,877,589 | ||
Duquesne Light Company, 6.500% (Z) | 427,000 | 20,762,875 | ||
Entergy Arkansas, Inc., 6.450% (Z) | 110,000 | 2,619,375 | ||
Entergy Arkansas, Inc., 4.560% (Z) | 9,388 | 695,593 | ||
Entergy Mississippi, Inc., 6.250% (Z) | 197,500 | 4,715,312 | ||
Entergy Mississippi, Inc., 4.920% (Z) | 8,190 | 684,633 | ||
FPC Capital I, Series A, 7.100% (Z) | 65,000 | 1,667,900 | ||
FPL Group Capital Trust I, 5.875% (Z) | 235,000 | 6,025,400 | ||
PPL Electric Utilities Corp., Depositary Shares, 6.250% (Z) | 300,000 | 7,228,140 | ||
PPL Energy Supply, LLC, 7.000% (Z) | 297,512 | 7,765,063 | ||
Southern California Edison Company, 6.125% (Z) | 50,000 | 4,732,815 | ||
Southern California Edison Company, Series C, 6.000% (Z) | 30,000 | 2,823,750 | ||
Independent Power Producers & Energy Traders 2.38% | ||||
Constellation Energy Group, Inc., Series A, 8.625% (Z) | 535,000 | 13,995,600 | ||
Multi-Utilities 3.35% | ||||
BGE Capital Trust II, 6.200% (Z) | 150,500 | 3,694,775 | ||
Consolidated Edison Company of New York, Inc., Series C, 4.650% | 8,105 | 713,240 | ||
Consolidated Edison Company of New York, Inc., Series D, 4.650% | 5,000 | 425,000 | ||
Interstate Power & Light Company, Series B, 8.375% (Z) | 230,000 | 6,350,300 | ||
Interstate Power & Light Company, Series C, 7.100% (Z) | 10,700 | 274,027 | ||
Pacific Enterprises, 4.500% (Z) | 45,000 | 3,622,500 | ||
Xcel Energy, Inc., 4.560%, Series G (Z) | 53,900 | 4,630,010 | ||
Maturity | ||||
Yield* | date | Par value | Value | |
Short-Term Investments 3.00% | $17,674,972 | |||
(Cost $17,674,972) | ||||
Short-Term Securities 2.82% | 16,599,972 | |||
Federal Home Loan Bank Discount Notes | 0.060% | 8-2-10 | $16,600,000 | 16,599,972 |
3 |
Tax-Advantaged Dividend Income Fund
As of 7-31-10 (Unaudited)
Shares | Value | |
Repurchase Agreement 0.18% | 1,075,000 | |
Repurchase Agreement with State Street Corp. dated 7-30-10 at 0.010% to be | ||
repurchased at $1,075,000 on 8-2-10, collateralized by $1,025,000 Federal National | ||
Mortgage Association, 4.000% due 1-28-13 (valued at $1,100,594, including interest) | 1,075,000 | 1,075,000 |
Total investments (Cost $908,933,257) 151.07% | $889,486,344 | |
Other assets and liabilities, net (51.07%) | ($300,682,538) | |
Total net assets 100.00% | $588,803,806 |
The percentage shown for each investment category is the total value the category as a percentage of the net assets of the Fund.
LIBOR London Interbank Offered Rate
SADR Sponsored American Depositary Receipts
(C) All or a portion of this security is segregated as collateral for options overlay. Total collateral value at 7-31-10 was $65,802,866.
(I) Non-income producing security.
(L) All or a portion of this security is on loan as of 7-31-10.
(Z) All or a portion of this security is segregated as collateral pursuant to the Committed Facility Agreement. Total collateral value at 7-31-10 was $634,827,955.
* Yield represents either the annualized yield at the date of purchase, the stated coupon rate or, for floating rate securities, the rate at period end.
At 7-31-10, the aggregate cost of investment securities for federal income tax purposes was $923,281,431. Net unrealized depreciation aggregated $33,795,087, of which $75,120,129 related to appreciated investment securities and $108,915,216 related to depreciated investment securities.
4 |
Notes to the Schedule of Investments (Unaudited)
Security valuation. Investments are stated at value as of the close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 p.m., Eastern Time. The Fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these techniques are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes significant unobservable inputs when market prices are not readily available or reliable, including the Funds own assumptions in determining the fair value of investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the values by input classification of the Funds investments as of July 31, 2010, by major security category or type:
TOTAL | LEVEL 2 | LEVEL 3 | |||
MARKET | LEVEL 1 | SIGNIFICANT | SIGNIFICANT | ||
VALUE AT | QUOTED | OBSERVABLE | UNOBSERVABLE | ||
7-31-10 | PRICE | INPUTS | INPUTS | ||
Common Stocks | |||||
Consumer Discretionary | $89 | | | $89 | |
Energy | 42,823,750 | $42,823,750 | | | |
Industrials | 7,415,200 | 7,415,200 | | | |
Telecommunication Services | 22,488,701 | 22,488,701 | | | |
Utilities | 420,505,200 | 420,505,200 | | | |
Preferred Stocks | |||||
Consumer Discretionary | 6,799,410 | 6,799,410 | | | |
Energy | 20,674,600 | 20,674,600 | | | |
Financials | 220,145,326 | 220,131,588 | $13,738 | | |
Telecommunication Services | 23,408,633 | 23,408,633 | | | |
Utilities | 107,550,463 | 53,410,381 | 54,140,082 | | |
Short-Term Investments | 17,674,972 | | 17,674,972 | | |
Total Investments in Securities | $889,486,344 | $817,657,463 | $71,828,792 | $89 | |
Other Financial Instruments | |||||
Written Options | (1,956,355) | (1,956,355) | | | |
Interest Rate Swaps | (1,490,319) | | (1,490,319) | | |
Totals | $886,039,670 | $815,701,108 | $70,338,473 | $89 |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
Consumer Discretionary | |||||
Balance as of 10-31-09 | - | ||||
Accrued discounts/premiums | - | ||||
Realized gain (loss) | - | ||||
Change in unrealized appreciation (depreciation) | ($501) | ||||
Net purchases (sales) | - | ||||
Net transfers in and/out of Level 3 | 590 | ||||
Balance as of 7-31-10 | $89 |
During the nine month period ended July 31, 2010, there were no significant transfers in or out of Level 1 or Level 2 assets.
In order to value the securities, the Fund uses the following valuation techniques. Equity securities held by the Fund are valued at the last sale price or official closing price on the principal securities exchange on which they trade. In the event there were no sales during the day or closing prices are not available, then securities are valued using the last quoted bid or evaluated price. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rates supplied by an independent pricing service. Certain securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading. Certain short-term securities are valued
5 |
at amortized cost. John Hancock Collateral Investment Trust (JHCIT), an affiliate of the Fund, is valued at its closing net asset value (NAV). JHCIT has a floating NAV and invests in short-term investments as part of a securities lending program.
Other portfolio securities and assets, where market quotations are not readily available, are valued at fair value, as determined in good faith by the Funds Pricing Committee, following procedures established by the Board of Trustees. Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of trading on the NYSE. Significant market events that affect the values of non-U.S. securities may occur after the time when the valuation of the securities is generally determined and the close of the NYSE. During significant market events, these securities will be valued at fair value, as determined in good faith, following procedures established by the Board of Trustees. The Fund may use a fair valuation model to value non-U.S. securities in order to adjust for events which may occur between the close of foreign exchanges and the close of the NYSE.
Repurchase agreements. The Fund may enter into repurchase agreements. When a Fund enters into a repurchase agreement, it receives collateral which is held in a segregated account by the Funds custodian. The collateral amount is marked-to-market and monitored on a daily basis to ensure that the collateral held is in an amount not less than the principal amount of the repurchase agreement plus any accrued interest. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the collateral value may decline.
Options. There are two types of options, a put option and a call option. Options are traded either over-the-counter or by means of an exchange. A call option gives the purchaser of the option the right to buy (and the seller the obligation to sell) the underlying instrument at the exercise price. A put option gives the purchaser of the option the right to sell (and the writer the obligation to buy) the underlying instrument at the exercise price. Writing puts and buying calls may increase the Funds exposure to changes in the value of the underlying instrument. Buying puts and writing calls may decrease the Funds exposure to such changes. Risks related to the use of options include the loss of the premium, possible illiquidity of the options markets, trading restrictions imposed by an exchange, movements in underlying security values, and for written options, potential losses in excess of the Funds initial investment.
Options listed on an exchange are valued at their closing price. If no closing price is available, then they are valued at the mean between the last bid and ask prices from the exchange on which they are principally traded. For options not listed on an exchange, an independent pricing source is used to value the options at the mean between the last bid and ask prices. When the Fund purchases an option, the premium paid by the Fund is included in the Portfolio of Investments and subsequently marked-to-market to reflect current market value. If the purchased option expires, the Fund realizes a loss equal to the cost of the option. If the Fund enters into a closing sale transaction, the Fund realizes a gain or loss, depending on whether proceeds from the closing sale are greater or less than the original cost. If the Fund exercises a call option, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If the Fund exercises a put option, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium paid.
During the nine month period ended July 31, 2010, the Fund wrote option contracts to enhance potential gain/income and manage against anticipated currency exchange rates. The following tables summarize the Funds written options activities during the period ended July 31, 2010 and the contracts held at July 31, 2010.
NUMBER OF | PREMIUMS | ||
CONTRACTS | RECEIVED (PAID) | ||
Outstanding, beginning of period | 2,885 | $2,356,185 | |
Options written | 31,166 | 25,256,698 | |
Options closed | (23,741) | (23,705,331) | |
Options expired | (6,850) | (2,620,278) | |
Outstanding, end of period | 3,460 | $1,287,274 |
6 |
EXERCISE | EXPIRATION | NUMBER OF | |||
NAME OF ISSUER | PRICE | DATE | CONTRACTS | PREMIUM | VALUE |
CALLS | |||||
Dow Jones Industrial Average Index | $106 | Aug 2010 | 580 | ($30,152) | ($58,580) |
KBW Bank Index | 50 | Aug 2010 | 1,210 | (76,213) | (102,850) |
Philadelphia Housing Sector Index | 97 | Aug 2010 | 625 | (94,991) | (212,500) |
Russell 1000 Index | 610 | Aug 2010 | 100 | (49,975) | (96,500) |
Russell 2000 Index | 640 | Aug 2010 | 95 | (123,787) | (229,425) |
S&P 400 Midcap Index | 760 | Aug 2010 | 80 | (70,159) | (137,200) |
S&P 500 Index | 1110 | Aug 2010 | 570 | (730,600) | (963,300) |
S&P 500 Index | 1130 | Aug 2010 | 200 | (111,397) | (156,000) |
Total | 3,460 | ($1,287,274) | ($1,956,355) |
Interest rate swaps. Interest rate swaps represent an agreement between a Fund and counterparty to exchange cash flows based on the difference between two interest rates applied to a notional amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. The Fund settles accrued net interest receivable or payable under the swap contracts on a periodic basis.
During the nine month period ended July 31, 2010, the Fund used interest rate swaps in anticipation of rising interest rates. The following table summarizes the interest rate swap contracts held as of July 31, 2010, which are generally representative of the interest rate swap activity.
USD | PAYMENTS | PAYMENTS | ||||||
NOTIONAL | MADA BY | RECEIVED | EFFECTIVE | MATURITY | UNREALIZED | MARKET | ||
COUNTERPARTY | AMOUNT | FUND | BY FUND | DATE | DATE | DEPRECIATION | VALUE | |
3-month | ||||||||
Bank of America | $95,000,000 | 3.6000% | LIBOR (a) | 1-9-08 | 1-9-11 | ($1,490,319) | ($1,490,319) |
(a) At July 31, 2010, the 3-month LIBOR rate was 0.45375%.
Fair value of derivative instruments by risk category
The table below summarizes the fair value of derivatives held by the Fund at July 31, 2010 by risk category:
RISK | FINANCIAL | ASSET | LIABILITY | ||
INSTRUMENTS | DERIVATIVES | DERIVATIVES | |||
LOCATION | FAIR VALUE | FAIR VALUE | |||
Equity Contracts | Written options | - | ($1,956,355) | ||
Interest rate | Interest rate swaps | - | (1,490,319) | ||
contracts | |||||
Total | - | ($3,446,674) |
Securities lending. On October 30, 2009, the Fund entered into an agreement with BNP that allows BNP to borrow a portion of the pledged collateral (Lent Securities) in an amount not to exceed the lesser of: (i) outstanding borrowings owed by the Fund to BNP and (ii) thirty three and one third percent of the Funds total assets. The Fund can designate any security within the pledged collateral as ineligible to be a Lent Security and can recall any of the Lent Securities. The Fund also has the right to apply and set-off an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the current borrowings under the Committed Facility Agreement.
7 |
ITEM 2. CONTROLS AND PROCEDURES.
(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
John Hancock Tax-Advantaged Dividend Income Fund
By: | /s/ Keith F. Hartstein |
------------------------------ | |
Keith F. Hartstein | |
President and Chief Executive Officer | |
Date: | September 22, 2010 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Keith F. Hartstein |
------------------------------- | |
Keith F. Hartstein | |
President and Chief Executive Officer | |
Date: | September 22, 2010 |
By: | /s/ Charles A. Rizzo |
------------------------------- | |
Charles A. Rizzo | |
Chief Financial Officer | |
Date: | September 22, 2010 |